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Alaska Air Group Reports First Quarter 2024 Net Loss of $132 Million or $1.05 per Diluted Share

Alaska Airlines has reported a first quarter 2024 net loss of $132 million or ($1.05) per diluted share on a year-over-year increase in revenue of 2.0 percent to a record 2.32 billion.  At March 31, 2024, Alaska had $2.3 billion in unrestricted cash and marketable securities.


Alaska Air Group Reports First Quarter 2023 Financial Results - Courtesy Alaska Airlines

On Thursday (April 18, 2024), Alaska Air Group reported their first quarter financial results for the period ending March 31, 2024.  The carrier reported a first quarter net loss of $132 million or ($1.05) per diluted share on a year-over-year increase in revenue of 2.0 percent to a record $2.32 billion.  Alaska’s first quarter revenue per available seat mile (RASM) increased 4.0 percent versus Q1 2023 to 14.51 cents, while cost per available seat mile, excluding fuel (CASM-ex) increased 11.0 percent to 11.60 cents.  At March 31, 2024, the company had $2.3 billion in unrestricted cash and marketable securities.


In Thursday’s announcement, Alaska Air Group’s CEO, Ben Minicucci, said,


“I want to recognize Alaska’s employees for their uncompromising prioritization of safety, for taking great care of our guests, and for delivering strong performance in the first quarter.  Despite significant challenges to start the year our results have far exceeded initial expectations. Thanks to thoughtful capacity planning, network optimization, and diligent cost control, we are well positioned to carry our strong performance into the second quarter and beyond.”


Alaska Air Groups First Quarter 2024 Financial Results - Courtesy Alaska Airlines


Alaska Air Group’s Q1 operation and financial results were impacted by the Flight 1282 incident in January, and the grounding of the Boeing 737-9 MAX fleet.  Alaska completed all 737-9 MAX inspections and returned the fleet to service in February.  To date, the company has received $162 in initial damages from Boeing relating to the incident.  During the period, Alaska’s agreement to purchase Hawaiian Airlines for $18 per share was approved by Hawaiian Holdings’ shareholders.  The company also took delivery of two Embraer E175s during the first quarter, expanding Horizon’s fleet to 43 of the type.


Alaska Airlines and their regional partners serve over 120 destinations in the United States, Mexico, Canada, Costa Rica and Belize.  The sustainability-focused carrier emphasizes Next-Level Care for guests, while offering low fares and award-winning service.  Alaska has hubs in Seattle, San Francisco, Los Angeles, Portland and Anchorage.  The carrier is a member of the oneworld global alliance, and along with their additional partners, Alaska Airlines’ guests can earn and redeem miles on flights to more than 1,000 global destinations on over 20 airlines.  Alaska Airlines and Horizon Air are subsidiaries of the Alaska Air Group, Inc. (NYSE: ALK).


 

Source: Alaska Airlines

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